我国上市公司的融资顺序不符合优序理论,而是偏好股权融资。股票市场为上市公司筹集了大量资金,但是由于种种原因的存在,上市公司并没有负责任地合理有效地利用这些资金,提高公司经营业绩。经营业绩的不断下滑,说明我国的资本市场没有实现有效配置。 The order of financing of listed companies in our country does not conform to the theory of preferential order, but rather the preference of equity financing. The stock market raised a lot of money for the listed companies, but due to various reasons, the listed companies did not use these funds responsibly and reasonably and effectively to improve the operating performance of the company. The continuous decline in operating performance shows that our country’s capital market did not achieve effective allocation.